Say What? 30 Ben Bernanke Quotes That Are So Stupid That You Won’t Know Whether To Laugh Or Cry

By Michael Snyder, on December 6th, 2010

Did you see Federal Reserve Chairman Ben Bernanke on 60 Minutes the other night? Bernanke portrayed the Federal Reserve as the great protector of the U.S. economy, he claimed that unemployment would be 15 percent higher if the Federal Reserve had sat back and done nothing during the financial crisis and he even started laying the groundwork for a third round of quantitative easing. Unfortunately, 60 Minutes did not ask Bernanke any hard questions and did not challenge him on his past record. It was almost as if they considered Bernanke to be above criticism. But someone in the mainstream media should be taking a closer look at this guy and his record. The truth is that the incompetence that Bernanke has displayed over the past few years makes the Cincinnati Bengals look like a model of excellence. Bernanke kept insisting that the housing market was stable even while it was falling apart, he had absolutely no idea the financial crisis was coming, he declared that Fannie Mae and Freddie Mac were in no danger of failing just before they failed, his policies have created asset bubble after asset bubble and the world financial system is now inherently unstable. But even with such horrific job performance, Barack Obama and leaders of both political parties continue to publicly praise Bernanke at every opportunity. What in the world is going on here?

Not that Bernanke is solely responsible. His predecessor, Alan Greenspan, was responsible for many of the policies that have brought us to this point. In addition, most of the other presidents of the individual Federal Reserve banks across the United States seem just as clueless as Bernanke.

But you would think at some point someone in authority would be calling for Bernanke to resign. Accountability has to begin somewhere.

The Bernanke quotes that you will read below reveal a pattern of incompetence and mismanagement that is absolutely mind blowing. Looking back now, we can see that Bernanke was wrong about almost everything.

But the mainstream media and our top politicians keep insisting that Bernanke is the man to lead our economy into a bright future.

It is almost as if we have been transported into some bizarre episode of “The Twilight Zone” where the more incompetence someone exhibits the more they are to be praised.

The following are 30 Ben Bernanke quotes that are so stupid that you won’t know whether to laugh or cry….

#1 (October 20, 2005) “House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”

#2 (On 60 Minutes in response to a question about what would have happened if the Federal Reserve had not “bailed out” the U.S. economy) “Unemployment would be much, much higher. It might be something like it was in the Depression. Twenty-five percent.”

#3 (February 15, 2006) “Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”

#4 (January 10, 2008) “The Federal Reserve is not currently forecasting a recession.”

#5 (When asked directly during a congressional hearing if the Federal Reserve would monetize U.S. government debt) “The Federal Reserve will not monetize the debt.”

#6 “One myth that’s out there is that what we’re doing is printing money. We’re not printing money.”

#7 “The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities.”

#8 (November 21, 2002) “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”

#9 (March 28, 2007) “At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”

#10 (July, 2005) “We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.”

#11 “Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.”

#13 (October 31, 2007) “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”

#14 (On the possibility that the Fed might launch QE3) “Oh, it’s certainly possible. And again, it depends on the efficacy of the program. It depends on inflation. And finally it depends on how the economy looks.”

#15 (November 15, 2005) “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”

#16 (January 18, 2008) “[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”

#18 (May 17, 2007) “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable.”

#19 “The GSEs are adequately capitalized. They are in no danger of failing.”

#20 (Two months before Fannie Mae and Freddie Mac collapsed and were nationalized) “They will make it through the storm.”

#21 (September 23rd, 2008) “My interest is solely for the strength and recovery of the U.S. economy.”

#22 “Economics has many substantive areas of knowledge where there is agreement but also contains areas of controversy. That’s inescapable.”

#23 “I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.”

#24 “We’ve been very, very clear that we will not allow inflation to rise above 2 percent.”

#25 “…inflation is running at rates that are too low relative to the levels that the Committee judges to be most consistent with the Federal Reserve’s dual mandate in the longer run.”

#26 (June 10, 2008) “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

#28 “The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.”

#29 “Similarly, the mandate-consistent inflation rate–the inflation rate that best promotes our dual objectives in the long run–is not necessarily zero; indeed, Committee participants have generally judged that a modestly positive inflation rate over the longer run is most consistent with the dual mandate.”

#30 (October 4, 2006) “If current trends continue, the typical U.S. worker will be considerably more productive several decades from now. Thus, one might argue that letting future generations bear the burden of population aging is appropriate, as they will likely be richer than we are even taking that burden into account.”

I have one observation of Berstankie’s 60 Minute interview. The last time I watched a man’s lip quiver like that was a guilty man being interogated for first degree murder in a police station. There are no if’s and’s or but’s, Bernanke had practiced and rehurst answers to every question he was asked, and “all” of them were lies.

VegasBob

If Bernokio’s nose grew a foot for every lie he told during yesterday’s 60 Minutes interview, his nose would be dragging on the floor.

If Harry Truman were alive today, he would use the same words to describe Bernokio that he once used to describe Richard Nixon: “a shifty-eyed ******* liar who talks out of both sides of his mouth and lies out of both sides too.”

At a minimum, Bernokio ought to be impeached, put on trial, convicted, and put in a jail cell. Just pick one of his crimes: perjury, fraud, treason.

val jilmer

bernanke can’t be a republican, he actually sounds like he cares about regular folks. he must be a closet dem

Michael

He’s not dumb, he’s lying. The gov’t and Fed can’t blow any more bubbles to cover up our de-industrialization and keep people spending, so their only option is to lie about a recovery so that gullible people will go into further debt buying Chinese crap.

Don’t expect the media to ask any hard questions – they are an extension of the gov’t and Fed.

bobby flav

bernanke and his crew are in desperation mode,the economy fallin apart and they’re gonna throw everything including the printing press at it. it’s hail mary time and everybody in dc knows it

Rod

The guy is a total retard !
Zero understanding, zero ability, zero competence at even basic tasks. Prime government material…
RIP USA and all who sail(ed) in her.

john

Man o man, these are all lies! We not only have a budget deficit, we have a trust deficit! Trust will never return until all these jokers go to jail!

“But the mainstream media and our top politicians keep insisting that Bernanke is the man to lead our economy into a bright future.”

Bernanke, our top politicians, and the mainstream media are all part of the Church of NWO (new world order). Their bright future (not ours) will be an economic collapse, martial law and one world religion (non Christian).

This week’s Business Week says that Obama wanted to appoint Larry Summers to run the Fed! If that doesn’t scare the crap out of you, I don’t know what will.

Trish

Hi guys, Doing a great job ! This article at rense.com by Andrew Hitchcock has a timeline for the Rothschilds determined and finally successful efforts to get a strangle hold on the US purse strings. It shows how many people knew what they were up to, and how many fought, some possibly at the cost of their life in the 1800s to prevent it. Let’s not let their deaths be in vain. http://www.rense.com/general88/hist.htm

Gary2

The only thing I want to hear him say is that we need to tax the rich and spread the wealth.

Mercman

“Contrived by Design”

Much easier for the braindead sheople to accept a gradual decline in living standards rather than an instantaneous clamatic nationwide rape of wealth and resources.

If I were a bettin man, I’d have to believe that this (Bernanke) is one very smart man… who in my opinion, knows how to play stupid all too well.

Louise in MO

A prime example of an inmate running the asylum!

Alydar

One can always count on Scott Pelley to conduct a useless, softball interview.

tyler

Man I only made it through fifteen quotes before getting really mad. Poor fellow who read all thirty.

Money created in a fiat money system that is not introduced into an economy in a fair way is the definition of counterfeiting. The bankers abusing us and that Bernanke works for, are now creating money and giving it to themselves by borrowing money for 0% interest and lending it to the U.S. Treasury for 3% interest (amongst other shenanigans)instead of making loans to Americans who instead have an economic depression because they no longer have access to the fiat currency.

They should be arrested for counterfeiting, any one else would be. Why would one of us be arrested and not one of them? Please someone give me one reason – seriously.

But in one sense these scum banksters are correct, if the amount of money necessary to stimulate the economy were introduced into it, the economic collapse would arrive almost immediately because any added inflation would force interest rates on government debt to skyrocket resulting in an exponential increase in the money supply needed to pay for it, resulting in hyperinflation like Zimbabwe’s, a lot of hungry people,……imagine the rest yourself. The economic collapse will happen 100% due to their actions to date – it has been planned.

This is going to happen very soon regardless, but in the meantime they would rather have the money in their pockets and not yours. They know what is coming – it can be figured out with mathematics and a small amount of common sense.

Think they don’t have and end game plan? They control the armed forces of many countries with their fiat money and will be forced to use them to remain in control. Don’t think they can produce the outcome they want? How much thinking about these things does the average member of the military do? Not enough to even have a clue as to what the hell is going on. They are programmed to take orders and the majority are also the type of people who take and carry out orders in exchange for the sense of security and belonging they receive from being a part of a huge powerful group. This type of person can be very dangerous indeed.

I love self-reliant and confident individuals with faith and obedience to God through his Son Jesus Christ who would never gang up against one of their fellow human beings for their own security. There’s not many of those left outside of the military either.

Matt

Hey Gary2, your boy Barak Hussein just let the rich boyz club off the hook. What ya gonna do now? Hahahahahahahahaha!!!!

zack

Is Bernanke incompetent/stupid or just a willing lying accomplice in the wealth transfer from the poor and middle class to the corporate oligarchy and government? Which is worse? Either way, I don’t see the Fed doing the right thing any time soon.

#27 Not all information is beneficial.” Boy, he nailed that one! Here’s the simple truth: I don’t know much about what’s going on anymore and neither do most Americans. It’s only through blogs like this that we get much factual information.
The boys at the top of the food chain have waged a campaign of confusion alienating us Americans one against the another with the divide and conquer tactic. We have liberals vs. conservatives, environmentalists vs. infrastructure, pro life vs. pro choice, pro gun vs. anti gun, free trade vs. protectionist, rich vs. poor, gay vs. straight, tax cut vs. tax increase, immigration control vs. marauding horde, drug legalization vs. drug laws , and on and on. You can tune to the cable channel most agreeable to your views whatever they might be. Sit back and enjoy being told what you want to hear.
No one in power worries about the people’s opinions realizing that the people may be angry but they won’t react until they’re hungry. So, programs are in place to ensure that the belly fat of the masses grows increasingly thicker using borrowed Chinese money or the counterfeit paper of Ben and co.

Bill Wright

Why can’t you get a “main line reporter” to start shouting it from the housetops?

Larry

When Bernanke answered the question..
“We’re not printing money”…

A real journalist would have asked next.

“Then Mr. Chairman where are you getting the money to buy $600 Billion in US Bonds?”

Ben B still has his job because we have a President who needs people to blame for his mistakes.

Nate

Bernanke is a smart guy. I heard he got 1600 on the SAT’s.

He’s not an idiot, but maybe he’s an idiot savant. He’s brilliant at calculations and views the world through his complex econometric models, which are totally flawed because they fail to take into account human action. He has the “pretense of knowledge” (can’t remember who coined that phrase).

Or maybe he’s aware that he’s lying but he continues to do so because that’s his job. I don’t discount that possibility.

Trisha

It makes me so sad to see our great country going down right before my eyes. The Elitists weem to have agendas I would probably not even understand if they explained it to me – the NWO, and all the rest. WHY would our politicians go along with this when it would take all of THEIR power away – including the President? How much money is ENOUGH for these guys? What is their motivation? I guess I am a simpleton who just does not get it – anybody that can explain? I wish we were not part of the UN and I wish they would get rid of the FED…would that give us a chance to get our sovereignty back?

RunVampRun

The gig is up the news is out! Man what ever happened to 60 Minutes? Bernanke allegedly did the interview to promote confidence to the public that he has a plan, after watching the interview I am so glad that I have been expediting my own plan! If it was not clear to the world that we are on the brink of collapse, it should be after the 60 Minute infomercial. The Emperor has no clothes!

Buy American

At least with Bernanke, it is easy to tell when he is lying… whenever he moves his lips.

Robert T

I knew that Bernanke was a phony politician (yes) and merely an academic over his head in that job. In the fall of 2007 I saw and heard him say that people who were over their heads with their mortgages should get interest and/or principal help from their banks!!!! Instead of that, as a regulator, he should have given a “Dutch uncle” speach reminding Americans of their legal and moral responsibility to live up to their commitments. We now have millions of homes in foreclosure, etc., that you know all about.

DLC

What is it they call it when you say stuff like this before Congress?

Ummmmmm…oh yeah, PERJURY!

innertrader

The head of the N.Y. Fed Reserve is the former head of the AFL-CIO! What do you expect? Look at Barney Frank! What do you expect? What you don’t know is that they are also closing the escape hatch to keep the bright, productive and wealthy from leaving the country (cause they have been) and taking their money with them! It’s really starting to get scary out there!

Richard

I have a few questions regarding Sunday night’s 60 Minutes interview with Scott Pelley and Ben Bernanke.

I believe I heard Bernanke say that the Federal Reserve has not printed any money and that they (The Fed) took the $600 billion QE funds from their reserves. I also understand that the total Fed global investment, since the financial crisis began in 2008, has been in the $3.3 trillion neighborhood. If what I understand is correct then I have three questions to ask.

Most people have no idea what the relative size of a trillion is. Simply put the number of years in a trillion seconds would equal 31,710. If it takes 31,710 to count to a trillion one number per second one could only imagine how many years it would take to accumulate one trillion, after tax, dollars let alone $3.3 trillion. My first question is where, when and how did the Fed acquire $3.3 trillion?

Dollars, as world reserve currency (for as long as that lasts), is the oil for the global economic engine. Every dollar, unless it is stuffed in someone’s mattress, is in bonds, equities or commodities. Common sense and basic math tells me for the Fed, as Bernanke claims, to recently transfer $600,000 billion from their reserves (bonds, equities or commodities) would have cause serious deleveraging in all aspects of the financial markets. That is unless the Fed had that $600B stuffed in their mattress? My second question is where did the Fed find the $600B to inject into the economy without disrupting all other aspects of the global economy?

My third question is did Ben Bernanke lie to Scott Pelley?

By the way, when you take into consideration all the small businesses that have collapsed, its my understanding the US unemployment is closer to 30%.

Rebootd

#15. (November 15, 2005) “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”

Hahaha! I think that one is my favorite.

And #8 is an outright lie. The U.S. government immediately owes as debt every dollar the FED creates.

JOHN Q

BERNANKE LIED when he said the FED is not printing money. Where then does the FED get the money it is using to buy Treasury bonds (QE2) and also for QE1???

AN ANSWER TO TRISHA: YOUR INSIGHT OF THE SITUATION IS MORE IN LINE THAN MANY WHO SEEM TO THINK THEY HAVE AN ANSWER. THE POLITICIANS ARE ALONG FOR THE RIDE BECAUSE THEY ARE CONCERNED WITH THE HERE AND NOW. THEY HAVE ONLY ONE AGENDA, NUMERO UNO. THINKING THEY WILL BE REWARDED WHEN THE NWO ARRIVES BECAUSE THEY AIDED, AND HELPED SPEED ITS ARRIVAL. THEY WILL BE IN FOR QUITE A SHOCK WHEN IT DOES; THEY WILL NOT BE NEEDED.

Old Ben Bernanke and others of the Obama’s administration has sealed our destiny!!! Wait and see in the early part of 2011!!! Fellow Patriots, wake up and be prepared now!!! Lock and load, because Revolution II is coming to a neighborhood like yours real soon!!! Another very informative article by the staff of “Economic Collapse.” Keep up the good work of informing many of us who are willing to listen and prepare for the coming collapse in 2011!!!

dale dillabaugh

If ben bernak is the best president huessane can annoint as the gatekeeper of the reserve currency of the world…welllll…LOOK OUT BELOW…….could be a very ROUGH ride….

Gary2

flubadub-Good post about the divide and conquer. I think your exactly correct. Good insight!

G E Moorthy

Just accepting the mistake at initial stage is not possible even at the highest level of person like Mr Bernanke. Whatever went wrong, could have been nullified so easily, now to hide each lie, he is digging a deep hole. I hope he be careful not to fall on the same deep hole.

FooledWho

I don’t buy the idea that Bernanke incompetently ran the economy into the ground. He deliberately engineered this outcome, while his words were intended to reassure the masses so that they would continue playing into the trap. It’s a class war and the richest are conspiring to render the rest of us as powerless and enslaved as possible. The middle class was a mistake that never should have been allowed to exist, and won’t for long. The message is simple and clear: become rich or perish.

JohnL

I think Ron Paul has it right when he preaches “End The Fed”!

will p

The Bible says ‘The rich rules over the poor,And the borrower becomes the lender’s slave.’ Prov 22:7 We are slaves to China, Japan, Saudi Arabia, Canada, Europe…….anyone who will take our ground up trees with green ink on them. When they realize they are throwing good money after bad, watch out!!!! We’re 11 trillion in debt and we pass health care that will cost another trillion?!?!? Who is going to buy our health care for us, China? Stupid is as stupid does.

Marek

B Bernanke is one of the smartest men on the earth.so is A Greenspan.
Don’t you see that Greenspan started the BIGGGG job of destroying US and Bernanke is trying to finish it off.
I hope, next chairman will not be one of “theirs”.
There is no way to ovoid it, unless FED will be abolished. It is so obvious. Why don’t you guys see it?

Deets

1. There’s no such thing as taxing the wealthy to “spread the wealth.” Only idiots think that’s ever going to work in their favor. Is it a poor person or company that employs you? Or is it a person or company that has learned how to create wealth so that they can hire YOU?
2. Who determines “wealth?” Hey Gary2, you’re wealthier than 3/4 of the people on the entire planet. How much should YOU be taxed to give to them?
3. The heart of the fool leans to the left; while the heart of the wise to the right. Ecclesiastes 10:2
4. Who among us has not lied? Well, the lies I tell aren’t going to hurt anyone. Oh really?
5. Get out of debt – FAST.

nosilverspoon

This ****** real weath is hidden within the family and Big Pharma. He is sneaky as he is clever…

gon4beer

Vegas Bob has the perfect moniker-Bernokio-absolutely fabulous and right up there w/ Mark Steyn’s “Janet Incompetano”

Its simple to solve all this….Cut the size of government….alleviate half the unenforceable laws, legalize and tax prostitution….it would cost much less than what the government is doing to us.

Troy Cooper

I am glad that Ben Bernanke wasn’t my Economics Professor in College… I wouldn’t let that egotistical Idiot balance my checkbook! I am also not surprised that 60 minutes and the rest of the mainstream media regard him as a savior. He is Traitor of the highest order!

Frank Zuccaro

What a pretender this man is ! He’s really part of the Liberal Elite, as shown by so many of his words and deeds. The sooner he is put out of power the better.

Bob

They mentioned him in the movie ‘Stripes’
Bill Murray says ” Bernanke? He owes me money!!!”

bill

Big Ben is A TEACHER HE KNOWS THEROY FROM BOOKS HES READ .LIKE ALL TEACHERS THOSE WHO DO ! DO .THOSE WHO CANT DO TEACH THE MAN HAS NO EXPERIENCEIF THE REAL WORLD. JUST LIKE ANT MBA JUST OUT OF SCHOOL IF YOU MAKE HIM THECEO OF A COMPANY NO MATTER WHAT HIS GRADES LOOK LIKE HE WILL FAIL .BY THE WAY THEY NEVERTEACH CASH FLOW AT b SCHOOL THINK ABOUT THAT 4 A WHILE

Winston Smith

“if your doctor had the same track record as most economists and planners, you would be dead right now”

Quote #30 infuriates me the most.
How many DOL graphs of 20th Century worker productivity matched with 20th Century incomes – by quintile – do you have to see to easily deduce that as worker productivity has risen steadily since the 1940s, wages have stagnated and fallen for the bottom 3 quintils since 1975.

So, NO, Mr. Bernanke – if current trends continue, we will not be richer and not be able to afford more gauging by our uncompetitive, monopolized health care system. Were the US to adopt a single payer public insurance system, it would pay 1/2 of what it currently spends on medical care and get much better results than present, where(in 2011) 57 million people have no health insurance whatsoever.

Bernanke can’t be as stupid as he looks..or sounds. It’s all a clever ruse to evade criminal responsibiity.

David Causey

Good synopsis of Bernanke faux pas. After I read the text of his speech of 11/21/2002; often referred to as the “Bernanke Dactrine”; I renamed it the “Greybeard Manifesto”. Greybeard apparently studied different principles of finance and economics than I did over 35 years ago. He appears to have totally skiped over basic fundamenals; but he does have, in his words; “unparralled expertise”.

Kevin

So many criminals are being stopped in the streets, but what about these all-time criminals who have so much money they cannot be touched? Justice must be served.

I hate how criminal they are. All to feed their love for money. Ugh. They’re dead inside!

graham

God is not mocked. Hell is real. This has been going on for thousands of years. Caesar and Pharaoh were not exempt. Hitler is just a piker. Bush, Cheney, Bernanke, Rockefeller will all die like men. After that is another story.

Rejoice in the forthcoming justice of God when ALL shall be judged and nothing is hidden. Bow the knee to the Maker of heaven and earth. What does it profit a man if he were to gain the whole world and yet lose his soul?

Howard T. Lewis III

Bernanke did it on purpose and another clue that Obama was given a lobotomy 1977-1979 is evidenced by his agreement to whatever Bernanke says or does. Obamas handlers are doing it to us on purpose too. They are loyal to the CFRtv and the Rothschild AP and Reuters. As is congress, who is as self-centered as the sheeple who voted them in.

Zax

I’m taking a macro 101 course right now, and the majority of these quotes make sense..

Agor

I’m a graduate economics student. Sadly, the insanity continues past macro 101. Write down the answers they want from you, educate yourself, and expose the madness when possible.

interestedobserver2

This guy is too stupid to use a shovel. We are definitely living in the madhouse — where the custodians are actually the loony-tunes.